cloudedjudgement.substack.com · 2020-07-24 · 2141d

Clouded Judgement

Weekly SaaS market analysis covering earnings season dynamics, valuation multiples across the SaaS universe, and the author's thesis that COVID will disproportionately benefit tier-1 companies while many mid-tier businesses will fail to meet elevated expectations. The piece includes detailed benchmarks on NTM revenue multiples, operating margins, and key SaaS metrics, alongside forward guidance on upcoming earnings announcements.

12 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

Azure Revenue Growth

50percent

null

Microsoft YoY growth for Q2 2020 (ended 6/30/20)

CAC Payback Period

28months

median

SaaS market as of July 2020

EV/NTM Revenue Multiple

12.9x

median

Overall SaaS market as of July 2020

EV/NTM Revenue Multiple

37.9x

median

Top 5 SaaS companies by valuation (Shopify, Coupa, Datadog, Zoom, ZoomInfo)

EV/NTM Revenue Multiple

25.2x

median

High-growth SaaS (>30% projected NTM growth)

EV/NTM Revenue Multiple

13.3x

median

Mid-growth SaaS (15-30% projected NTM growth)

EV/NTM Revenue Multiple

9.1x

median

Low-growth SaaS (<15% projected NTM growth)

Gross Margin

73percent

median

SaaS market as of July 2020

LTM Revenue Growth Rate

34percent

median

SaaS market as of July 2020

NTM Revenue Growth Rate

22percent

median

SaaS market as of July 2020

Net Revenue Retention

117percent

median

SaaS market as of July 2020

Operating Margin

-15percent

median

SaaS market as of July 2020